RBA on hold, with a dovish tinge...

Rates on hold as expected

Interest rates were on hold, albeit with perhaps a slightly dovish tilt from the Reserve Bank today, manifested in a lower Aussie dollar post-announcement: 

Australia's 3-year bond yield also took a small leg lower from 3.75 per cent to 3.68 per cent.

Currently policy settings are clearly restrictive, not least for consumption and the supply of new housing.

It's also worth remembering that around 250,000 households are still to come off low fixed rate mortgages onto dramatically higher variable rates, and this is causing a steady build-up of mortgage and financial stress. 

Not too much in it, really, but there's a general sense that the battle with inflation and a previously overheating economy is being won, and the next move in interest rates will be down. 

Markets a 3 in 4 chance of an interest rate cut by August, with a cut fully priced in for September. 

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